Morning Market Brief 2nd Jun 2022

The Benchmark KSE100 index had created an evening shooting star on daily chart during last trading session after facing rejection from its major resistant regions but current bearish sentiment would be considered as correction of recent bullish run therefore it's recommended to adopt buying on dip strategy. Currently index have major supportive region ahead at 42,480pts and breakout below this region would push index towards 42,180pts but index would remain bullish as long as its trading above 41,760pts. While on flip side in case of bullish pull back index would face initial resistance at 43,015pts which would be followed by 43,200pts. It's recommended to avoid short selling at current levels and wait for confirmation of evening shooting star because if index would succeed in maintaining above 42,480pts then this formation could convert into a cheat pattern.

Asian share markets fell on Thursday on widespread investor worries over high inflation and the threat of recession, while oil prices slumped following a report of reassurances from Saudi Arabia over production.Global benchmark Brent crude was last down more than 2% a barrel at $113.86 ahead of a meeting of oil producing countries later in the day, which is expected to pave the way for output increases. OIL U.S. crude also dipped more than 2% to $112.55 per barrel.The fall in oil prices gathered pace after the Financial Times reported that Saudi Arabia may be prepared to raise oil production in the event of a sharp drop in Russia's output."This will be well received by Western leaders given inflation – and inflation expectations – remain eye wateringly high, and central banks try to raise rates at the risk of tipping their economies into a recession," said Matt Simpson, senior market analyst at City Index in Sydney.Read More...

Experts at a seminar on Wednesday said the Constitution of Pakistan was the embodiment of national consensus since the time of its inception and has also served as a binding factor during times of political instability and turmoil. The vision, comprehensiveness, and balance of power provided in the Constitution have enabled it to steer the nation through military rules and political challenges.hese observations were made by speakers at a seminar titled: ‘75 years of Pakistan: Constitution, Public Representation and Governance System,’ which was organised by the Institute of Policy Studies, Islamabad in collaboration with the Department of Law, Fatima Jinnah Women University (FJWU) at the latter’s campus in Rawalpindi.he speakers observed that Pakistan is making constant progress in ensuring supremacy of the Constitution and the crises that sometimes hamper smooth movement on this path are temporary obstructions faced by all nations of the world at one time or another.Read More...